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AMA

GradeCNASDAQ Global Market

Defiance Daily Target 2X Long AMAT ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2026-04-30

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$21.84+0.09 (+0.41%)

As of Sep 23, 2026, 2:15 PM EDT

History starts Apr 30, 2026.History starts Apr 30, 2026.History starts Apr 30, 2026.
Intraday session: up, 54 prints from 21.75 to 21.84. Range 20.84 to 21.84. Use the arrow keys to read each point.$20.80$21.20$21.6010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$32M
1Y return
—
Yield · Last 12 months
—
Holdings
8
Volume · 30D
0.3M sh
NAV per share
$21.01
52W range
low $16.64high $62.00

The ETF.net AMA Grade

C

46/ 100

Rank 102 of 380 in Single-Stock Long Leveraged⁠

Confidence Medium

Six-pillar profile for AMA. Scores out of 100: Cost 27, Risk 60, Mission not scored, Tradability 66, Holdings not scored, Durability 62. Strongest: Tradability (66). Weakest: Cost (27). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 27
    Category rank266/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 60
    Category rank88/285 · top 31%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 66
    Category rank103/380 · top 27%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 62
    Category rank118/380 · top 31%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on AMA

ETF.net Research

COne stock, doubled, one trading day at a time. AMA targets two times the daily percentage move in Applied Materials shares, before fees, with the leverage reset at the end of every session.

Stated mandate

The Fund seeks daily investment results equal to two times the daily percentage change in Applied Materials, Inc.'s share price, before fees and expenses.

Why people hold it

  1. 01The mandate is unusually legible: two times the daily percentage change in Applied Materials stock, before fees. No index, no basket, no wondering what's under the hood.defianceetfs.com
  2. 022x sits at the calmer end of the single-stock leverage shelf: a 1% day in AMAT targets roughly a 2% day here, before fees and expenses.
  3. 03Built as a registered 1940 Act fund, so you get the familiar exchange-traded wrapper rather than a note leaning on a bank's credit.defianceetfs.com

Worth knowing

  1. 01At 1.29% a year, the fee sits above the typical 2x single-stock fund and well above 0.75% peers such as ASMG and AMDG.
  2. 02The leverage resets daily. Hold past a day and compounding takes the wheel, so multi-day results can land far from 2x the stock's move over that stretch.
  3. 03A 2026 launch with a short operating history and no distributions to date, so there is less track record here than the long-running 2x lineups carry.

AMA Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
8
Top-10 weight
231%
Largest holding
APPLIED MATERIALS, INC.-SWAP-CLST-L42.0%

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—APPLIED MATERIALS, INC.-SWAP-CLST-L41.95%27,501$12M3
002—APPLIED MATERIALS, INC.-SWAP-NBCB-L40.24%26,381$12M1
003—APPLIED MATERIALS, INC.-SWAP-CANT-L39.94%26,182$12M2
004—APPLIED MATERIALS, INC.-SWAP-MREX-L39.76%26,068$12M2
005—APPLIED MATERIALS, INC.-SWAP-NMRA-L38.14%25,006$11M1
006—United States Treasury Bill 11/19/202624.21%7,100,000$7M48
007—First American Government Obligations Fund 12/01/20316.36%1,853,067$2M625

Showing 1–7 of 7 holdings

AMA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

AMA$4,485
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. AMA $4,485. SPY $10,415. Use the arrow keys to read each point.$2,784$7,892$12,999Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for AMA. Periods over one year show the average yearly return.
PeriodAMA
Year to dateFund launched this year—
1 month−10.9%
3 months−55.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for AMA
YearReturn barAMA
2026 YTD+8.7%

Since listing, Apr 30, 2026

AMA in the news

ETF.net Research hasn’t filed on AMA yet — coverage lands here as it’s written.

AMA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

AMA Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
7.18
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

AMA Cost

Expense ratio1.31%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

241 of the 329 Single-Stock Long Leveraged funds charge less.

AMA costs $131.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.